Idaho Falls, Idaho Property Taxes
The median property tax rate in Idaho Falls, ID is 0.41%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Idaho Falls at $281,711, the typical annual property tax bill amounts to $1,025, well below the national median of $2,690. Property taxes in Idaho Falls are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Idaho Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Idaho Falls or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Idaho Falls, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$1,155
Ownwell’s Idaho Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Idaho Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Idaho Falls to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Idaho Falls, Idaho
Property taxes in Idaho Falls, Idaho, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Idaho Falls is 0.41%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Idaho Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Idaho Falls estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Idaho Falls' effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83406 has the highest median property tax rate of 0.68%, while zip code 83404 has the lowest median tax rate of 0.57%. Understanding how these cities compare with Idaho Falls provides valuable insights into the varying tax landscape across Bingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Idaho Falls Tax Rate
0.41%
Average Bingham County Tax Rate
0.49%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Idaho Falls, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83401 | 0.56% | 0.56% | 0.59% | 0.62% | 0.65% |
| 83402 | 0.29% | 0.31% | 0.36% | 0.41% | 0.65% |
| 83404 | 0.39% | 0.42% | 0.57% | 0.59% | 0.79% |
| 83406 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Idaho Falls, Idaho
In Idaho Falls, Idaho, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bingham County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Idaho Falls, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Idaho Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 83404 at $1,563, while the lowest is 83401 at $323.
Average Idaho Falls Assessed Value
$281,711
Average Bingham County Assessed Value
$255,122
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Idaho Falls, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83401 | $16,231 | $29,032 | $57,432 | $158,727 | $197,433 |
| 83402 | $137,542 | $244,333 | $294,698 | $367,039 | $400,729 |
| 83404 | $55,266 | $89,805 | $219,786 | $425,241 | $492,320 |
| 83406 | $90,200 | $90,200 | $90,200 | $90,200 | $90,200 |
Source: Ownwell
Property Tax Bills Across Idaho Falls, Idaho
In Idaho Falls, Bingham County, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate. For context, the median home price in Idaho Falls is $281,711. Homeowners in this area experience a range of tax bills, with the 25th percentile paying around $576, while those in the 75th percentile see bills closer to $1,489. At the 90th percentile, tax bills can reach up to $1,813. Several factors influence these tax bills, including property size, location, and any applicable exemptions or deductions. The highest median tax bill in the area is $1,563 in the 83404 zip code, whereas the lowest median tax bill is $323 in the 83401 zip code. Compared to the national median property tax rate of 0.99%, homeowners in Idaho Falls may find their tax bills relatively manageable, but the exact impact varies widely depending on individual property characteristics and assessed values.
Average Idaho Falls Tax Bill
$1,025
Average Bingham County Tax Bill
$1,085
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Idaho Falls, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83401 | $104 | $182 | $323 | $965 | $1,218 |
| 83402 | $543 | $764 | $1,162 | $1,413 | $1,848 |
| 83404 | $329 | $523 | $1,563 | $1,724 | $2,090 |
| 83406 | $615 | $615 | $615 | $615 | $615 |
Source: Ownwell